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Economic Systems

currency money
bartering trading goods for goods
currency exchange trading one country's currency for a equal amount of another country's currency
3 questions answered what,how,for whom to produce
traditional economy economy where citzens hunt and gather to survive and barter what they have left
command economy economy where the government controls everything
market economy economy where there is only free trade and no government
mixed economy economy where there is free trade but with a government
supply how much a person has of a good
demand how much a person wants of a good
capitalism free trade market
specilization making a living doing what a person does best
natural resources non man made resources
capital goods goods that are needed in producing other goods
human capital people in a country who can do manual labor
entreprenuer a person who takes a risk in starting a buissness
literacy rate how many people in a country who can read and write
standard of living how people in one country live
gdp per capita dividing up the country's income per citizen
tariff taxing goods from another country
quota having a limited amount of goods that can enter a country
embargo stopping all trade with one country
economy system in which goods and services are traded in some format
Created by: ellabella06